2024 Outlook: Real Estate Trends in the Five Towns, Long Island

The Five Towns area of Long Island, comprising Lawrence, Cedarhurst, Woodmere, Inwood, and Hewlett, has long been a desirable location for homebuyers seeking a blend of suburban charm and urban accessibility. As we look ahead to 2024, understanding the current trends and future projections becomes crucial for both buyers and sellers in this dynamic market.

Current Market Overview

According to recent data, the Five Towns housing market remains competitive, with some notable trends:

• The median sale price in the Five Towns area was $935,000 as of August 2024, showing a significant 12.0% increase compared to the previous year[4].
• Homes in the Five Towns are selling after an average of 43 days on the market, slightly longer than the 38 days observed last year[4].
• The median sale price per square foot has risen to $451, representing a 1.2% increase from the previous year[4].

Market Competitiveness

The Five Towns real estate market is characterized by its competitiveness:

• Some homes receive multiple offers, indicating strong demand[4].
• On average, homes sell for about 3% below the list price[4].
• Hot properties in the area can sell for around the list price and go pending in approximately 25 days[4].

Educational Excellence

One of the key factors driving the Five Towns’ real estate market is the quality of its schools. The Hewlett-Woodmere School District, which serves a significant portion of the Five Towns, has been recognized for its excellence:

• Ranked 19th out of 11,820 school districts nationwide by Niche[3].
• Received an A+ grade overall, with top marks in academics, teachers, and college prep[3].
• Named the 6th best school district in New York State[3].

This educational prestige continues to attract families to the area, supporting property values and demand.

2024 Market Outlook

Looking ahead to 2024, several factors are expected to influence the Five Towns real estate market:

1. Continued Price Growth: Given the current trends, property values in the Five Towns are likely to continue appreciating, albeit at a potentially more moderate pace.
2. Limited Inventory: The scarcity of available homes may persist, maintaining the competitive nature of the market.
3. Interest Rates: Fluctuations in mortgage rates will play a crucial role in buyer affordability and market dynamics.
4. School District Appeal: The renowned quality of local schools will continue to be a significant draw for families, supporting housing demand.
5. Suburban Preference: The ongoing trend of buyers seeking more space and suburban living options may benefit the Five Towns market.

Conclusion

The Five Towns real estate market in 2024 is poised to remain robust, driven by its desirable location, excellent schools, and the area’s overall appeal. While challenges such as affordability and limited inventory persist, the market continues to offer opportunities for both buyers and sellers. As always, working with a knowledgeable local real estate professional is key to navigating this dynamic market successfully.

For personalized advice and up-to-date market insights specific to the Five Towns area, don’t hesitate to reach out to the experts at BHHS Laffey. Contact us today at bhhsli.com/contact to learn how we can assist you with your real estate needs in this thriving Long Island community.